Bausch + Lomb Corporation (NYSE/TSX: BLCO) has announced the closing of an upsized €675 million senior secured notes offering and partial credit agreement refinancing, which includes an upsized $2.325 billion term loan facility. The company's subsidiaries, Bausch+Lomb Netherlands B.V. and Bausch & Lomb Incorporated, closed the offering of €675 million aggregate principal amount of senior secured floating rate notes due 2031. The notes bear interest at the rate of three-month EURIBOR (with a 0% floor) plus 3.875% per year, reset quarterly, and will mature on January 15, 2031. The notes were sold to investors at a price of 99.500% of the principal amount.
In addition, Bausch + Lomb completed a partial refinancing of its credit agreement, entering into a third amendment to its existing credit agreement providing for a $2.325 billion term B loan facility maturing in 2031 and an $800 million revolving credit facility maturing in 2030. The amortization rate for the new term B loans is 1.00% per annum, with the first installment payable on September 30, 2025. The initial rate of interest applicable to the new term B loans is 4.25% for the new term B loans that are SOFR loans and 3.25% for new term B loans that are ABR loans.
Bausch + Lomb used the net proceeds from the notes offering and the new term B loans to repay in full the outstanding borrowings under its existing revolving credit facility, to refinance in full the outstanding term A loans due 2027 and term B loans due 2027 and to pay related fees and expenses.
The company's comprehensive portfolio of approximately 400 products includes contact lenses, lens care products, eye care products, ophthalmic pharmaceuticals, over-the-counter products, and ophthalmic surgical devices and instruments. Bausch + Lomb has a significant global research and development, manufacturing, and commercial footprint with approximately 13,500 employees and a presence in approximately 100 countries. The company is headquartered in Vaughan, Ontario, with corporate offices in Bridgewater, New Jersey. Today the company's shares have moved 2.82% to a price of $12.41. For the full picture, make sure to review Bausch & Lomb Corp's 8-K report.
